Here is our crude oil price forecast for July 2021! The crude oil price has been rising continuously and it seems to be set for higher highs in the weeks ahead.
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Demand for crude oil in July promises to be just as solid as it has been throughout June, if not more, which will most probably drive the crude oil July price further up. WTI crude is already up 11% over the past month and just recently it hit new multi-year highs.
And while the increased demand is understood, the shift in the supply and demand dynamics is what’s largely supporting the crude oil forecast of higher prices. Namely, production has fallen nearly 1% in the last week, while demand has increased proportionately, which is a troubling sign in the crude oil forecast today.
Watch our full WTI crude oil price analysis to see where this current tendency may lead us in the weeks to come and how the crude oil price will continue to develop. And drop us a line in the comment section below with your thoughts on our WTI crude oil forecast.
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